Obviously, you have to insure your car. But there are different coverage options to choose from. Depending on the value of your car, you might consider skipping collision and comprehensive insurance, says Credit.com.

In a post on money mistakes, Credit.com says that many people unnecessarily spend money on these types of insurance:

"...many folks pay for collision and comprehensive insurance on their old clunkers long after it makes sense. Remember, you only get the value of the car, minus the deductible, after an accident or theft. If your car is only worth $3,000, it doesn't make much sense paying $400 a year for collision and comprehensive. One rule of thumb: When the annual premium exceeds 10% of the car's value, drop it."

Of course, this is just one rule of thumb. About.com suggests another:

"A good rule of thumb is if the cost of collision coverage is 25 percent of your vehicles value every six months, it is probably time to stop paying for collision coverage. Just think in two years time you have saved enough money to cover the cost of a total loss of your vehicle."

You'll have to weigh your cost and savings with the risk of not having this coverage. And if you're leasing your car, skipping collision might not even be an option.

But if you own your car, and it's value isn't terribly high, it's definitely worth questioning whether the annual premium is worthwhile. Check out the full post for more detail.